SAN BERNARDINO, Calif. – Ailing Arrowhead Central CU announced the sale of its Sawyer Cook Insurance CUSO to an undisclosed insurance firm.
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The sale will add $750,000 to Arrowhead's projected bottom line for 2010, according to an official of the $850 million credit union.
Sawyer Cook's buyer kept 13 employees, but laid off nine others.
The one-time $1 billion credit union is struggling with big losses over the past two years, $28.7 million for 2008 and $44.6 million for 2009. Its net worth had declined to just 3.4% by year end. As a result, Arrowhead closed four of its 28 branches and laid off almost 60 employees in early 2009.
